KARACHI: Chairman, Association of Builders and Developers of Pakistan (ABAD), Muhammad Hassan Bakshi has expressed his concern over, what he described, unjustified increase in steel and cement prices.
In a statement here on Monday, he alleged that steel and cement manufacturers had cartelized and were making undue profits, which was damaging construction industry.
The industry was providing jobs to more than 2.5 million skilled, semi-skilled and unskilled workforce of the country. It was the second largest job provider after agriculture.
ABAD Chairman said steel bars were being sold at the rate of Rs95,000 per ton and cement at Rs 550 per 50 kilograms bag just two months ago. But, he said, now steel and cement are being sold at Rs 120000 per ton and Rs 700 per 50 kilograms per bag respectively.
In this situation, he added, the dream of Prime Minister Imran Khan for building five million affordable houses would never come true as the cost of construction had reached all time high in the country.
He said that ABAD had, time and again, requested government to take stern action against cement and steel cartels as they were causing huge losses to the national economy by discouraging activity in the construction sector.
"Government should take swift action through Competition Commission of Pakistan to stop cartelization of cement and steel as this menace mars business potentials and inflicts losses to common man," he asserted.
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